Italian energy firm Eni has signed two production sharing contracts (PSC) for RSF-5 and PSC-K onshore blocks in Myanmar.
In this joint venture, Eni will act as operator with a 90% interest via Eni Myanmar, and the Myanmar Production and Exploration Company will hold the remaining 10% stake.
Block RSF-5 covers 1,292km² and is located in the productive Salin basin 500km north of Yangon.
Block PSC-K covers 6,558km² and is situated in the unexplored Pegu Yoma-Sittaung basin in central Myanmar.
Eni has a six-year exploration period for both blocks, divided into three phases.
Eni has existing operations in China, Vietnam, Indonesia and Timor Leste. The PSCs support the company’s strategy to expand its presence in South-East Asia by marking its first entry into Myanmar.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataMyanmar designated 16 onshore blocks in 2013. 13 of the blocks were for PSC and the remaining three were for petroleum recovery contracts.
The data from the US Energy Information Administration has revealed that total liquid fuels production in Myanmar has increased to 21,000 barrels per day (bbl/d) in 2013 from 13,000bbl/d in 2000.
The country’s natural gas production increased to 416 billion cubic feet (Bcf) in 2012 from 61 Bcf in 1999.
Image: Eni Milan headquarters. Photo: Courtesy of Eni.
